RentToOwn-HouseFinder.com

Where can i find homes lease to own homes and what it means owner will finance?

Public Comments

1. Beware! So many folks who have lost their homes are seeking sellers willing to finance them with a rent to own or lease to own or contract for deed. Know this about all of them, if the seller doesn't make the mortgage payments, YOU will lose the most. And some have scams going on whereby they ask for thousands of dollars in down payment from you, make off with it and you find the property is already in default. Also make sure they actually own the property. You need to do your homework very carefully before signing anything. If you find a legit seller willing to work with you, make sure you are making your payments directly to the lender and documents each and every payment.
2. before you sign anything make sure the person selling you the property is the owner and not a middleman doing a reassignment contract. Also realize that if the property has a mortgage on it the owner/flipper could stop making the payments or declare bankruptcy and you will be evicted out on the street losing all you put into it. if you can not get a mortgage now for a normal for sale property, why do you think you will be able to get one on an overpriced rent to own property in the 1-2 years ? here is one of the goofy scam programs being advertised all over late night tv... read up and beware.... http://www.flippinghomesmadeeasy.com/financing.php
3. Owner financing is when the person who owns the home agrees to loan you the money to buy the home. There are some programs set up through mortgage lenders that will allow the seller, or owner, to pay some of the buyers costs which might include closing costs and/or down-payment assistance. A realtor would be able to tell you which of the homes listed on your local Multiple Listing Service are available as a lease to own option. Sometimes a For Sale By Owner will agree to a lease to own option. I suggest to try For Sale By Owner help center on the website of Fizber, it could be rather useful: http://www.fizber.com/fsbo-help-center.htm